Italian PM Renzi to resign after a heavy loss in the referendum poll

Dec 5, Rome: The Italian Prime Minister Matteo Renzi has resigned after a defeat in the referendum poll over his plan to reform the constitution.

Renzi, in a late-night news conference, said that he takes the responsibility for the outcome, and said that the No camp must now make clear proposals.With most ballots counted, the No vote leads with 60% against 40% for Yes."Good luck to us all," Mr Renzi told reporters at the meet.

He further added that he would tender his resignation to the Italian president after informing the cabinet that he has decided to resign during the Cabinet meeting this afternoon.

According to him, the reforms he proposed would have cut Italy's bureaucracy and made the country more competitive. After this defeat,
Italy is now more prone to the threat of a banking crisis, political turmoil, and a group of anti-establishment populists banging on the doors of government.